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Daily Forecast for Crosses: August 31
EURJPY Forecast
The EURJPY had a bearish momentum yesterday and now testing the lower line of the bullish channel as you can see on my daily chart below. The bias is bearish in nearest term but overall I still prefer to buy on dips around the lower line of the bullish channel with tight stop loss below the bullish channel targeting 100.00. Key support area is seen around 97.50/00 region. A clear break and daily close below that area could be a threat to the bullish phase and activate my bearish mode.
GBPJPY Forecast
The GBPJPY had a bearish momentum yesterday and hit 123.73 earlier today. I still prefer a bullish scenario at this phase but this fact turn my intraday bias to a bearish view testing 123.20. Immediate resistance is seen around 124.00/20 which need to be clearly broken to the upside to keep the bullish scenario after the break above the bearish channel remains strong testing 125.00/50 key resistance area.
AUDUSD Forecast
The AUDUSD continued its bearish momentum yesterday closed at 1.0277. There are no changes in my technical outlook. The bias remains bearish in nearest term as a part of the bearish scenario after broke below the bullish channel still testing 1.0200 region. On the upside, only a clear break back above 1.0400 will interrupt the current bearish outlook and give the bullish scenario another chance.
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2012-08-31 04:52:34
Source: http://www.fxinstructor.com/blog/daily-forecast-for-crosses-august-31-3
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